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Just another Tuesday in the Appraisal Business, I am going to haul wood now!

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just got a call from my best ERC company. I had left out the range of selling value. Just put in $------- to $-------. I put the dash marks in so I will not forget to put the range of value in. Over looked it in my proofing of the report.

But he goes on to tell me the other appraiser did the following:

1. Brought the subject in above the current list price by several thousand dollars. For what the subject sold for in 07, even though it has been on the market for several thousand dollars less then what it sold for in 07 for 89 days.

2. Stated that there was only one listing similar to the subject in the area and therefore could not find two more listing for the market. (when my report showed a CMA with ample listing and I used three in my report)

3. Used a sale from early 07 and stated there were no other sales. (when my report contain a CMA of current sales in the last six months from four MLS Data Bases for the area that showed additional sales.)

4. Used a comparable that was 700 GLA smaller then the subject, because they could not find any comparables similar to the subject. ( when in fact my report contained three that were with in six months making huge adjustments).

5. No forecasting in a down market for the 120 day sale.

6. No contract dates on the closings in the report.

After thinking a bit, I called him back and made the statement that; “may be the appraiser didn’t have all the MLS data bases or the court house searches for the area”. He said he had given them a call to find out why my report read the way it did with ample data and their report did not. He said they told him; that they did not have all the MLS data bases for the area. a (this county is not on line with any data and there are four MLS data bases for the area)

Why would someone even think that they could do an ERC with limited data and no research except what they had on line?

Some thing still does smell right in Denmark????? But I guess when the State of Wisconsin Appraisal Board member can review my work in that same area without a data base, it is ok for an appraiser to do the same, right?

You tell me where this profession is headed in residential?
 

Parker

Sophomore Member
Joined
Nov 3, 2007
Professional Status
Certified Residential Appraiser
State
California
Just another reason why we need to clean up this profession. Unfortunately, there are too few of us to do it.

Commercial appraisers are no better that residential!
 
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